Non-Resident US LLC - International Remittance Options

[Rebuttal]

Hey folks,

Recently opened a US LLC as a single-member non-resident/non-citizen of the USA. I was successful in opening a bank account. The business bank is great for sending ACH, but I do not believe it is very effective in sending international remittance. I have not yet experimented, but I assume the transfer cost + currency exchange would easily cost upwards of 3-5%. This is fairly substantial, as I am looking to send transactions of $10,000+ at a time.

I was hoping to get on-boarded with Transferwise, since this is their bread and butter, but they do not support my industry. So I am looking for alternatives. I do not necessarily require a full EMI service with multiple currency accounts, although this would be a bonus. The industry is digital goods for online games. Other EMI's that do not accept this industry:

• Worldfirst
• OFX
• TransferMate
• Veem

Among others I'm sure. Anyways, looking to send money to Canada, Europe, possibly elsewhere, while minimizing currency exchange costs and transfer costs. Let me know if you have any suggestions.

 

[bnpsu]

Did you try payoneer as another alternative? what industry are you in?

 

[BlueMist]

I have been using MoneyCorp for years, you can negotiate the terms. I have better rates than TW offers (after their fees). Haven't found anything better. Also they have a bank (in case you don't want Moneycorp to appear on bank transfers) in Gibraltar moneycorpbank.com which is helpful in setting up business accounts, provided you have FX needs.

 

[James2774]

I think the simple solution to curencey exchange is just btc. I use it to send to India every week.
Heres an example:
Buy 10k USD of BTC on CEX with USD via ACH for .26% (maker fee for under 5 BTC volume)
Sell on CEX for Euro, cost is .16% for
Withdraw on CEX to Euro or GBP for free using SEPA.

Do the same with a Canadian exchange to for CAD.

Total cost .36% or basically free

 

[DGTLOTC]

Rebuttal you just need to have an FX provider with a pooled account that either has a licence to onboard US clients or has partnered with and fx broker or emi that allows them entry to that market

You need a slightly smaller fx broker that is more open to risk - the ones you’ve named are heavy weights and probably wouldn’t have the risk appetite for your business

 

[DGTLOTC]

I have an Fx provider that would likely entertain the business - pm me if it’s something you want to discuss

 

[Gediminas]

Hey folks,

Recently opened a US LLC as a single-member non-resident/non-citizen of the USA. I was successful in opening a bank account. The business bank is great for sending ACH, but I do not believe it is very effective in sending international remittance. I have not yet experimented, but I assume the transfer cost + currency exchange would easily cost upwards of 3-5%. This is fairly substantial, as I am looking to send transactions of $10,000+ at a time.

I was hoping to get on-boarded with Transferwise, since this is their bread and butter, but they do not support my industry. So I am looking for alternatives. I do not necessarily require a full EMI service with multiple currency accounts, although this would be a bonus. The industry is digital goods for online games. Other EMI's that do not accept this industry:

• Worldfirst
• OFX
• TransferMate
• Veem

Among others I'm sure. Anyways, looking to send money to Canada, Europe, possibly elsewhere, while minimizing currency exchange costs and transfer costs. Let me know if you have any suggestions.

Hi. What currency do you need? If it's EUR - I might be able to help. Send me an email, please.

 

[DGTLOTC]

3-5% is very high especially if you’re doing USD/CAD or USD/EUR deals 1% Ish should be what you’re paying on those type of deals

 

[Rebuttal]

Did you try payoneer as another alternative? what industry are you in?

https://pubs.payoneer.com/files/tc/TermsPayoneerUSPaymentService.pdfVirtual Game Currency

I think the simple solution to curencey exchange is just btc. I use it to send to India every week.
Heres an example:
Buy 10k USD of BTC on CEX with USD via ACH for .26% (maker fee for under 5 BTC volume)
Sell on CEX for Euro, cost is .16% for
Withdraw on CEX to Euro or GBP for free using SEPA.

Do the same with a Canadian exchange to for CAD.

Total cost .36% or basically free

We'd be able to pay most of our invoices with BTC, but the concern is doing high volume of transactions into a BTC Exchange. I am worried this would jeopardize our company's business bank account.

Hi. What currency do you need? If it's EUR - I might be able to help. Send me an email, please.

We need CAD, EUR, GBP, AUD, SGD. We need a single solution. We'd like to fund the payments with ACH / domestic USD bank payment.

I have been using MoneyCorp for years, you can negotiate the terms. I have better rates than TW offers (after their fees). Haven't found anything better. Also they have a bank (in case you don't want Moneycorp to appear on bank transfers) in Gibraltar moneycorpbank.com which is helpful in setting up business accounts, provided you have FX needs.

I will try on-boarding with Moneycorp, thanks for the recommendation.

 

[fshore]

Send wires with usd, don't exchange in the US. If you can send online wires from your bank then it probably won't be 3-5% but rather a fixed fee of 30-50usd. The receiving bank will exchange (if not usd account) with their rates.

 

[kengan]

Hey folks,

Recently opened a US LLC as a single-member non-resident/non-citizen of the USA. I was successful in opening a bank account. The business bank is great for sending ACH, but I do not believe it is very effective in sending international remittance. I have not yet experimented, but I assume the transfer cost + currency exchange would easily cost upwards of 3-5%. This is fairly substantial, as I am looking to send transactions of $10,000+ at a time.

I was hoping to get on-boarded with Transferwise, since this is their bread and butter, but they do not support my industry. So I am looking for alternatives. I do not necessarily require a full EMI service with multiple currency accounts, although this would be a bonus. The industry is digital goods for online games. Other EMI's that do not accept this industry:

• Worldfirst
• OFX
• TransferMate
• Veem

Among others I'm sure. Anyways, looking to send money to Canada, Europe, possibly elsewhere, while minimizing currency exchange costs and transfer costs. Let me know if you have any suggestions.

Do you mind sharing what you ended up using

 

[Greenberry]

Try Mercury.co (now Mercury.com) I'm sending international transfers through there, and there's only their fee (20 USD) + fixed intermediary/reciever fee. Tottally sending any amount costs me around 60 USD.

BTW. Where you opened your bank account? I'm looking also for second banking, because Mercury.co have some problems with receiving international transfers.

 

[Sadhu]

Also interested to learn more about bank accounts for US LLC with non-resident owner

 

[JustAnotherNomad]

I have been using MoneyCorp for years, you can negotiate the terms. I have better rates than TW offers (after their fees). Haven't found anything better. Also they have a bank (in case you don't want Moneycorp to appear on bank transfers) in Gibraltar moneycorpbank.com which is helpful in setting up business accounts, provided you have FX needs.

@BlueMist
Can you give some more info on their fees? Can you get a personal IBAN or do you have to use their bank for that? If I fell my customers “Please pay into Moneycorp’s account and use this reference”, they probably wouldn’t be very happy.

 

[BlueMist]

@BlueMist
Can you give some more info on their fees? Can you get a personal IBAN or do you have to use their bank for that? If I fell my customers “Please pay into Moneycorp’s account and use this reference”, they probably wouldn’t be very happy.

And I don't think it would be even allowed, as Moneycorp accept deposits from account owner name. I have no experience with moneycorpbank.com , I just use personal moneycorp.com but they never questioned any transfers even €100k+. I don't know exactly what business solution does Moneycorp.com provides as I don't have FX needs on a business level and I don't think you can reach far just passing through money.

 

[JustAnotherNomad]

What do you think wouldn’t be allowed? How do you use Moneycorp? I thought they’re basically an EMI?

 

[BlueMist]

What do you think wouldn’t be allowed? How do you use Moneycorp? I thought they’re basically an EMI?

They specialise in foreign currency exchange. So if business has no FX needs, this won't work long term.

 

[daxbr]

If you are not in a hurry with your transfers, you can always ask your US bank to print some paper checks for you. Fill out and deposit wherever you like.